Hi fellow enthusiasts!
I see a lot of wild movements predicted from wave analysis but to me it seems clear we are in the blue uptrend channel and without a good reason I would assume it stays that way.
On the other hand and on a (much) larger timeframe we are still in the orange downtrend channel, and many charts/analysis bring this up.
What confuses me though is that most of them don't seem to use log scale and not even mention this option. While I feel the patterns in general fit the log scale better.
With log scale the angle of the downtrend changes which gives us a bit more time to reach the upper wall of the channel.
As long as we are not breaking this channel on the downside I am staying in and expecting us to reach the moment of truth somewhere between feb 22nd and feb 25th, depending on the exact path within the channel.
This seems like a good moment to stress I am not very experienced though.
If there is a good reason one should work with normal instead of log scale please educate me.
Let's see what happens,
CJ
I see a lot of wild movements predicted from wave analysis but to me it seems clear we are in the blue uptrend channel and without a good reason I would assume it stays that way.
On the other hand and on a (much) larger timeframe we are still in the orange downtrend channel, and many charts/analysis bring this up.
What confuses me though is that most of them don't seem to use log scale and not even mention this option. While I feel the patterns in general fit the log scale better.
With log scale the angle of the downtrend changes which gives us a bit more time to reach the upper wall of the channel.
As long as we are not breaking this channel on the downside I am staying in and expecting us to reach the moment of truth somewhere between feb 22nd and feb 25th, depending on the exact path within the channel.
This seems like a good moment to stress I am not very experienced though.
If there is a good reason one should work with normal instead of log scale please educate me.
Let's see what happens,
CJ
So far for me nothing really happened, we are just moving around within the bleu uptrend channel. If the lower wall of the channel (aligned with 50 EMA) would be breached then I would worry, until then I look forward to the action once we meet the purple area where the upper wall of the orange downtrend channel and the 12k resistance work together in creating a real challenge for the bulls. :-)
I have no idea what will happen once we get there, but I will be sitting behind the screen with popcorn for sure.
Happy trading all,
CJ